Exercise Method. This Warrant may be exercised at any time or from time to time, on any day that is a business day in the City of New York and the Hong Kong Special Administrative Region, for all or any part of the number of Ordinary Shares purchasable upon its exercise; provided, however, that this Warrant shall be void and all rights represented hereby shall cease unless exercised by the Expiration Date. In order to exercise this Warrant, in whole or in part, the Holder hereof shall deliver to the Company at its principal office at 14th Floor, 138 Texaco Road, Tsuen Wan, New Territories, Hong Kong, or at such other office as shall be designated in writing to the Holder by the Company, (i) a written notice of such Holder’s election to exercise this Warrant, which notice shall specify the number of Ordinary Shares to be purchased pursuant to such exercise, (ii) cash or a certified or cashier’s check payable to the order of the Company in an amount equal to the aggregate purchase price for all Ordinary Shares to be purchased pursuant to such exercise, or in lieu of such payment, an election for cashless exercise as provided herein, and (iii) this Warrant (collectively, the “Exercise Notice”). The Exercise Notice may be given using the Subscription Form attached hereto as Annex A (the “Subscription Form”). Upon receipt of the Exercise Notice, the Company shall, as promptly as practicable, confirm in writing to such Holder of the additional and aggregate number of full Ordinary Shares held by such Holder as recorded in the Company’s official Registry of Ordinary Shares after effecting such exercise. The written confirmation so delivered shall be in the name of such Holder or such other person as Holder shall designate. Holder acknowledges that written confirmations of Ordinary Share holdings from the Company shall bear a restrictive legend comparable to that appearing on the face of this Warrant. This Warrant shall be deemed to have been exercised, and the Holder or any other person so designated shall be deemed to have become a holder of record of such Ordinary Shares for all purposes, as of the date said notice, together with payment (or election of cashless exercise) and this Warrant, are received by the Company. If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the written confirmation, deliver to the Holder a new Warrant evidencing the right of the Holder to purchase the number of Ordinary Shares with respect to which this Warrant has not been exercised.
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Exercise Method. This Warrant Subject to the terms set forth herein, the Warrants may be exercised at any time or from time either (i) through “Cash Exercise”, which means that the Holder is required to time, on any day that is a business day pay the Exercise Price in cash for each Warrant Share to be purchased by the City Holder and delivered by the Company pursuant to the terms of New York this Warrant Certificate and the Hong Kong Special Administrative RegionAgreement, for all or any part of (ii) through “Cashless Exercise”, which means that the Holder shall be entitled to authorize the Company to withhold from issuance a number of Ordinary Warrant Shares purchasable issuable upon its exercise; provided, however, that this Warrant shall be void and exercise of all rights represented hereby shall cease unless Warrants being exercised by such Holder at such time as is required to pay the Expiration Date. In order to exercise this Warrantapplicable Exercise Price, in whole or in part, such that the Holder hereof Company shall deliver to the Company at its principal office at 14th FloorHolder for each Warrant exercised the “Net Number” of Warrant Shares, 138 Texaco Road, Tsuen Wan, New Territories, Hong Kong, or at such other office as shall be designated in writing determined according to the Holder by following formula: For purposes of the Company, (i) a written notice of such Holder’s election to exercise this Warrant, which notice shall specify foregoing formula: A = the number of Ordinary Shares to be purchased pursuant to such exercise, (ii) cash or a certified or cashier’s check payable to the order of the Company in an amount equal to the aggregate purchase price for all Ordinary Shares to be purchased pursuant to such exercise, or in lieu of such payment, an election for cashless exercise as provided herein, and (iii) this Warrant (collectively, the “Exercise Notice”). The Exercise Notice may be given using the Subscription Form attached hereto as Annex A (the “Subscription Form”). Upon receipt of the Exercise Notice, the Company shall, as promptly as practicable, confirm in writing to such Holder of the additional and aggregate number of full Ordinary Shares held by such Holder as recorded in the Company’s official Registry of Ordinary Shares after effecting such exercise. The written confirmation so delivered shall be in the name of such Holder or such other person as Holder shall designate. Holder acknowledges that written confirmations of Ordinary Share holdings from the Company shall bear a restrictive legend comparable to that appearing on the face of this Warrant. This Warrant shall be deemed to have been exercised, and the Holder or any other person so designated shall be deemed to have become a holder of record of such Ordinary Shares for all purposes, as of the date said notice, together with payment (or election of cashless exercise) and this Warrant, are received by the Company. If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the written confirmation, deliver to the Holder a new Warrant evidencing the right of the Holder to purchase the number of Ordinary Shares with respect to which this the Warrant is exercised on the applicable Exercise Date; B = the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the applicable Exercise Date; and C = the Exercise Price in effect on the applicable Exercise Date. Notwithstanding anything contained herein to the contrary, Cash Exercise shall apply with respect to any exercise of Warrants only if (i) the Company shall have provided written notice to the Holder at least five (5) Business Days prior to the applicable Exercise Date that Cash Exercise shall apply to any exercise of Warrants and shall not have subsequently provided another notice to the effect that Cashless Exercise shall apply, (ii) a registration statement registering the issuance and the resale of the Warrant Shares issuable upon exercise under the 1933 Act is effective and the related prospectus is available for use on the applicable Exercise Date and the Company expects such registration statement and prospectus to remain available for such resale for at least ten Business Days following such Exercise Date and (iii) such exercise of the Warrants and the issuance and resale of the Warrant Shares issuable upon exercise will be subject to registration under the registration statement contemplated by the immediately preceding clause (ii). At any time when Cash Exercise has been designated as applicable pursuant to clause (i) of the immediately preceding sentence, the Company shall notify the Holder at least three (3) Business Days prior to any such time when the registration statement specified in clause (ii) of the immediately preceding will not been exercised.be available for use and such registration statement shall not subsequently be deemed available for use until the third Business Day after the Company shall have notified the Holder that such registration statement is again available for use. The Company may not change its election pursuant to clause (i) of the second immediately preceding sentence more than once in any six-month period. For the avoidance of doubt, if any of the conditions specified in clauses (i), (ii) or (iii) of the third immediately preceding sentence is not satisfied with respect to any exercise, Cashless Exercise shall apply to such exercise. The Company shall advise the Holder whether Cash Exercise or Cashless Exercise is currently applicable pursuant to the foregoing provisions promptly upon inquiry. If at any time the Holder pays the Exercise Price in connection with an exercise of Warrants and Cash Exercise is not applicable to such exercise, the
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